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Fico: Slovakia will sign a nuclear energy agreement with the US
Slovakia will sign a nuclear cooperation agreement with the United States next week, Slovak PM Robert Fico said on Saturday. The country is moving towards a deal for a new nuclear unit to be built with U.S. assistance. Since last year, Slovakia has been in discussions with Washington to build a large nuclear plant with the U.S. company Westinghouse. Fico stated on Saturday that the plant would have a capacity of nearly 1,200 megawatts, larger than existing units. He said that "in cooperation with our 'American partners,' we would like to build a?new huge block?under purely state ownership, on the site of the nuclear power plant at Jaslovske bohunice." Fico stated that he would like to attend the signing of a more "general agreement" on U.S.Slovak nuclear cooperation on Friday in Washington. He did not provide any further details about the signing. In October, the Slovak Government approved an intergovernmental agreement with the U.S. for the construction of a new nuclear power unit. Fico said in December that U.S. president Donald Trump invited him to sign a nuclear deal in the United States during the World Cup this year.
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FOCUS: Rio Tinto's bid to buy Glencore puts pressure on BHP
Rio Tinto's plans to acquire Glencore, and thus create a global leader in the mining industry, could spur consolidation efforts throughout the copper-hungry sector, and put pressure on BHP to react. The 'bid' could be among the top 10 M&A transactions ever, depending on the final price. It reflects the appetite for scale, which bankers say could lead to mega-deals by 2026. Mark Kelly, CEO of advisory firm MKI Global said, "This is another example that mining is consolidating, and big firms are forced to take corporate action to generate value." Anglo American, a London-listed company, announced in September last year what was at the time the second largest M&A deal for that sector. The plan was to merge with Canada’s Teck Resources, and create a global heavyweight focused on copper. The deal is awaiting regulatory approval. BHP is under pressure to act, say some analysts BHP's $161 billion market capitalisation is most likely to sabotage Rio's talks with Glencore. This could result in a company worth almost $207 billion. BHP may look at another deal if it decides to stay out of current negotiations. Unnamed banking sources said this was the most probable outcome, as the company believes Glencore's portfolio to be too diverse, and that asset sales would benefit the company. To ease competition concerns, regulatory authorities would most likely require some dispositions. BHP has declined to comment. Richard Hatch, an analyst at Berenberg, said that BHP is the most likely to interfere in this deal. BHP, who is primarily interested in copper, could bid to buy Glencore, keeping the copper and selling the rest. The talks between Rio and Glencore are in a preliminary phase. Rio has until the 5th of February to submit a formal proposal, but this deadline could be extended. Both sides have failed to reach an agreement in previous talks. George Cheveley is the Natural Resources Portfolio Manager at Ninety One. Ninety one, a Glencore shareholder, stated that BHP might feel compelled to intervene but may also find it emotionally difficult, given its repeated failures to purchase Anglo American. BHP attempted to buy Anglo American for months in 2024 to try and reinforce its declining dominance in the copper industry. In November of last year, it briefly revived the effort. Sources say that BHP is also preparing to name a new CEO. It will most likely be an internal candidate, who will have to bring about change. BHP has declined to comment about its CEO succession. SIZE DOES MATTER AND SO DOES COPPER Copper is the main reason for mining tie-ups, aside from the desire to scale up and increase margins while containing costs. Copper is the most cost-effective conductor of electricity. Mergers can be an advantage because they provide access to assets that are producing, and avoid the long, expensive, and uncertain process of searching for new reserves. Kelly said, "The copper deal was the real takeaway from this deal and Anglo-Teck. We know that copper is appealing and buyers want to access it." There are alternative targets that could be considered if it fails to bid for Glencore. Kelly said that "Vale and Freeport will both be on the agenda - but it is unlikely they are for sale." Analysts say that BHP could decide to do nothing. Kaan Peker is an analyst with RBC. She said that BHP had a better growth profile for copper than the merged Rio/Glencore, so she didn't believe they needed to do anything. "That being said, if this transaction is successful you may get some pressure from shareholders who will ask: 'How did Rio pull it off when you couldn't do the same with Anglo ?'."?' Reporting by Anousha Saoui in London, Clara Denina and Melanie Burton in Sydney. Charlie Conchie contributed additional reporting. Editing by Veronica Brown (and Barbara Lewis).
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Yemen's main separatist groups denies disbanding
The Southern Transitional Council (Yemen's largest separatist group), denied on Saturday that it was disbanding. This contradicted a statement made by one of its members who claimed the group had dissolved itself. The conflicting statements show a split within the STC. This group, supported by the United Arab Emirates, took over parts of the southern and eastern Yemen last December, in an advance that increased tensions between Saudi Arabia and another Gulf power. Saudi Arabia and UAE used to?work together in a coalition battling Iran's backed Houthis during Yemen's civil conflict, but the STC?advances revealed their rivalry. Saudi-backed fighters largely retook the southern and eastern Yemeni areas that the STC had seized. An STC delegation travelled to the Saudi capital Riyadh, for talks. STC leader Aidarous al-Zubaidi, however, skipped the meetings planned and fled Yemen Wednesday. The Saudi-led coalition then accused the UAE for helping him escape via a flight tracked to Abu Dhabi's military airport. One of the members of the STC announced that the STC has decided to dissolve in an announcement broadcast by Saudi state media on Friday. In a statement released on Saturday, the STC stated that it held an "extraordinary" meeting following the announcement made in Riyadh. It declared it to be "null and void", stating it was made "under pressure and coercion". The group said that its members in Riyadh were also detained and "forced" to make statements. The STC called for a mass protest in southern cities this Saturday and warned against any attempts to target its "peaceful" activities. According to an official directive, authorities in Aden who are aligned with Yemen’s Saudi-backed Government on Friday banned demonstrations in southern city, citing safety concerns.
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Bushfires in Australia ravage homes and cut off power to thousands
On Saturday, thousands of firefighters battled the bushfires that ravaged homes in Australia's south-east. They also cut off power to thousands homes and destroyed vast areas of bushland. Authorities said that the blazes had destroyed more than 300,000.00 hectares (741.316 acres) in Victoria since mid-week, and ten major fires are still burning across the state. The Rural Fire Service reported that several fires near the Victorian border in New South Wales were at the emergency level - the highest rating of danger - as temperatures reached mid-40s Celsius. Authorities said that more than 130 structures including homes have been destroyed, and around 38,000 homes and business are without power as a result of the fires. The fires are the worst to have?hit Victoria since the Black Summer flames of 2019-2020, which destroyed an area as large as Turkey and killed 33 people. Victoria Premier Jacinta Allen told reporters that thousands of firefighters are on the ground to bring fires under control. The Prime Minister Anthony Albanese warned that the country was facing a day with "extremely dangerous" fire weather. This is especially true in Victoria where a large part of the state had been declared a catastrophe zone. Albanese made televised comments from Canberra, saying that his thoughts were with Australians living in these regional communities during this difficult time. Authorities have reported that one of the biggest fires near Longwood, 112 km north of Melbourne, destroyed 130,000 hectares of bushland and 30 structures. It also destroyed vineyards and agricultural lands. Authorities have evacuated dozens of communities in the vicinity of the fires and closed many state parks and campgrounds. The nation's forecaster reported that a heatwave warning was issued for a large part of Victoria on Saturday, and likewise, he said, a fire weather warning was also in effect for broader areas of Australia, including New South Wales. The weather forecaster for the nation said that the temperature in the capital of New South Wales, Sydney, reached 42.2 C on Saturday, which is more than 17 degrees higher than the average January maximum. The forecast predicted that conditions would ease over the weekend, as a change in the wind direction to the south brought milder temperatures into the state. (Reporting from Sam McKeith, Sydney; Editing done by Tom Hogue and Stephen Coates.)
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Trafigura and Vitol agree on US Government request to sell Venezuelan oil
Commodities trading houses Trafigura &?Vitol agreed to provide marketing and logistical services for the sale of Venezuelan oil, at the request of?U.S. A Trafigura spokesperson confirmed this via email. First reported on Thursday, citing people familiar with the discussions, that both companies were in negotiations with the U.S. Government for such deals. They were in competition with U.S. producers of oil and other commodities traders for lucrative deals to export Venezuelan oil. U.S. officials have said that they want to control Venezuelan Oil Sales Indefinitely After the U.S. captured South American country's president Nicolas Maduro Saturday. Richard Holtum, the Chief Executive of Trafigura, told U.S. president Donald Trump earlier Friday that the company will be loading its first vessel with Venezuelan crude oil exports next week. Holtum Trafigura has not provided any further information. Trafigura's spokesperson confirmed that the company adheres to all applicable sanctions. Trafigura, according to the spokesperson, has all of the licenses necessary for transactions relating to Venezuela. Vitol, based in Geneva, has also been able to secure?a Preliminary Special License Reports on Thursday included imports and exports for Venezuelan oil. John Addison said, "We are here to make sure that you can move this oil around the globe," at the White House event on Friday. Ben Marshall, Vitol's head of Americas, thanked Trump for giving him the chance to 'work with the U.S. government and the Venezuelan government' to bring the crude oil from the South American nation to the market at an affordable price. "Vitol's long history of working on complex energy deals requiring agile operations, finance and logistics is a testament to its expertise." Marshall stated in a press release that he was "pleased to use our expertise" to help PDVSA move its crude oil and other products to the market.
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New York files suit against the Trump administration for a halt on two offshore wind project
New York's Attorney General sued the Trump Administration on Friday over the suspension of construction on two offshore?wind farms that it says are needed to power a million homes and reduce the state's reliance on fossil-fuels. Letitia J., New York's Attorney General, has filed two separate lawsuits asking the federal court in Washington not to allow President Donald Trump's freeze of federal offshore leases owned by Equinor from Norway and Orsted from Denmark on December 22, 2018. The Interior Department said that it had halted the project due to complaints from?the Pentagon, that wind turbines can cause radar interference which makes it difficult to identify security threats. James stated in a press release that "New Yorkers deserve reliable, clean energy, well-paying employment, and a government which follows the law." The federal government halted the construction of these projects, which had been carefully reviewed. My office is taking steps to stop this'reckless' decision, which puts workers, families and our climate goals in danger. James, a Democrat elected to the House, is one of President Trump's most ardent political opponents. Orsted and Equinor have had their offshore wind projects stalled by Trump who says wind turbines are ugly and inefficient. Both offshore wind developers, Empire Wind and Sunrise Wind, have sued Interior for their multi-billion dollar?New York project. Equinor's Empire Wind warned in court documents that it would likely be terminated if it could not?restart the construction by January 16, and asked a Washington federal judge for a preliminary injunction. Next week, a hearing will be held on this request. Orsted sued for Sunrise Wind as well as a?another project called Revolution Wind that is being built?off the coast of Rhode Island. In September, the company was successful in getting a federal court to block an order from the Trump administration that would have stopped work on Revolution Wind. The Interior Department's pause over offshore wind leases affects Avangrid Vineyard Wind off the coasts of Massachusetts and Dominion Energy Coastal Virginia Offshore Wind Facility. (Reporting from Nichola Groom and Nate Raymond, Los Angeles; Additional reporting by Jack Queen. Editing by Matthew Lewis.)
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US EPA rejects Colorado haze plans to retire coal plants earlier
The U.S. Environmental Protection Agency rejected Colorado's plan on Friday to comply with regional haze regulations by closing its coal plants. It said the state "needs" the plants to continue running to maintain reliable power. The agency stated that Colorado's plan to reduce pollution from sulfur dioxide and nitrogen oxidation, which causes haze and smog in national parks and wilderness regions, violated the Clean Air Act since the state failed to?get the consent of one of the coal plant targeted for an early retirement. Why it's important The Trump administration is extending the life of coal-fired plants in order to meet the increasing demand for electricity due to the construction of data centers to power artificial intelligence. KEY QUOTE In a recent statement, EPA Administrator Lee Zeldin stated that "reliable baseload sources are essential for Powering the Great American Comeback" and ensuring families with cost-effective energy. CONTEXT Last year, the administration issued five emergency orders in order to keep retiring coal plants operating. The most recent was on December 30, when Energy Secretary Chris Wright gave an order to "keep a Craig, Colorado coal plant operational even though it is set to retire by 2025." BACKGROUND Colorado ordered that three coal plants, which were due to be retired in 2030, would have to close two years sooner to comply with the state's regional haze control plan. The EPA'said that it would either help Colorado rewrite their plan or impose a new one to the state. Colorado has also set a goal of reducing greenhouse gas emissions from 2050 to zero.
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US SEC dismisses lawsuit against Rio Tinto ex-CFO
The U.S. Securities and Exchange Commission dismissed on Friday its lawsuit against an ex-Rio?Tinto Chief Financial Officer, ending a longstanding fraud case over a "bad investment" in a Mozambique Coal Project by one of the world's biggest mining companies. The SEC announced in a Manhattan federal filing that it dismissed its civil case against Guy Elliott, "in the exercise its discretion," and without addressing its remaining claims. The SEC dismissed its civil case against Guy Elliott on Friday, without addressing the merits of any remaining claims. Elliott denied wrongdoing. His lawyers called it "a complete victory for the defense" in a joint statement. The SEC didn't immediately respond to requests made for comment. In its complaint of October 2017, the SEC accused Rio Tinto?of misleading investors about the value?of Rio Tinto Coal Mozambique. The Anglo-Australian firm bought the former Riversdale Mining in 2011 for $3.7billion through a takeover. The SEC reported that Rio Tinto raised over $5.5 billion in fixed-income investments from unwitting investors, by overvaluing coal assets. This was despite an assessment conducted internally which showed the assets to be?worth a negative $680 millions, according to the SEC. The internal calculation assessed the assets negatively when Mozambique rejected Rio Tinto’s proposal to use barges as a way of transporting coal. Rio Tinto wrote down more than $3 billion?for Mozambique?in 2013, then sold the assets for $50 million the following year. U.S. district judge?Analisa?Torres denied Elliott's request to dismiss SEC claims that he had misled Rio Tinto Coal Mozambique about its finances, and violated books & records. The judge ruled that open factual questions should be left to a jury. Rio Tinto, a rival company of Glencore, announced on Thursday that they are in merger discussions to create the largest mining company in the world.
Chevron can increase Venezuelan production by 50%: US Energy secretary
U.S. Energy Secretary Chris Wright stated on Friday that Chevron sees a 'pathway to increase its Venezuela production by?50%. His comments came after a meeting between President Donald Trump and oil companies in the South American country.
Wright stated that Chevron had "said we could do additional things for them.... which are just approvals and permissions." Wright added that the company "sees a path to grow their production 50% within 18-24 months." Wright said Washington's relations with Venezuela were "fantastic," after the U.S. military seized ousted president Nicolas Maduro in a raid last weekend.
Trump met Friday with executives of some of the largest oil companies in the world to discuss Venezuela. Wright replied that the White House had received "tremendous interest" from oil companies on Friday.
Trump ordered the U.S. Military to seize Maduro who was brought to New York.
The U.N.?human rights office said that the U.S.'s actions in Venezuela constituted a violation of international laws, which made the world less secure.
Trump stated this week that the U.S. The U.S. will continue to monitor Venezuela "much" longer than a year. Officials from the Obama administration have stated that they want to maintain control of Venezuela's oil revenues and sales indefinitely. They say this will ensure that Venezuela acts in America’s best interests. Some U.S. competitors and Latin American countries have characterized the U.S.'s actions as "unilateral and illegal acts of bullying." (Reporting and editing by David Gregorio in Washington, Kanishka Singh from Washington)
(source: Reuters)